Allied Critical Metals

Investor Insight

With a strategic foothold in Portugal and a commodity focus on tungsten – a metal deemed critical by both NATO and US defense agencies – Allied Critical Metals presents a compelling opportunity to invest in one of Europe’s most advanced and strategically significant near-term producers of tungsten. With strong government recognition, high-grade drill results and near-term production potential from two past-producing projects, the company is well positioned to become the leading Western supplier of this critical defense and technology metal.

Overview

Allied Critical Minerals (CSE:ACM,OTC:ACMIF,FSE:0VJ0) is advancing two strategic, past-producing tungsten projects – Borralha and Vila Verde – located in northern Portugal. These brownfield assets present a compelling combination of near-term production potential and district-scale exploration upside, positioning the company to become one of the largest tungsten producers outside of China. With 100 percent ownership of both projects and supportive local communities, Allied is ideally positioned to contribute to the critically needed supply of this strategic metal to Western markets.

Tungsten is essential for defense systems, electric vehicles, semiconductors and AI, yet current global supply is dominated by China and Russia, accounting for roughly 85 to 90 percent of production. Allied’s projects are aligned with EU and US national security strategies, which seek to establish stable, domestic sources of tungsten supply for defense and technology industries. In 2025, idD Portugal Defence designated the Borralha project as a strategic initiative of national importance, underscoring Allied’s central role in strengthening Europe’s industrial and defense autonomy.

Allied completed more than C$16 million in new financings in 2025 to fund aggressive development across its project portfolio. This includes the completion of the Phase 1 drill campaign at Borralha, delivering multiple high-grade intercepts, confirming the project’s scale and grade potential, and supporting a forthcoming updated NI 43-101 MRE and PEA, expected in Q4 2025 and Q1 2026, respectively.

Allied is also advancing the Vila Verde Tungsten-Tin Project, which provides a pathway to near-term cash flow through a 150,000-ton-per-annum (tpa) pilot plant, expandable to 300,000 tpa. Construction and commissioning are targeted for 2026, with anticipated output of approximately 250 tonnes of WO₃ per year. An LOI with Global Tungsten & Powders in Pennsylvania, USA provides an initial offtake channel, with ongoing engagement from additional European and defense-linked buyers.

Through a combination of high-grade brownfield assets, government backing, established offtake interest, and near-term production readiness, Allied Critical Metals stands out as one of the very few public companies positioned to deliver a secure, Western-aligned tungsten supply.

Company Highlights

• Strategic Focus on Critical Metals: Advancing two 100-percent-owned tungsten projects — Borralha and Vila Verde — in northern Portugal, aligning with the EU and NATO’s drive to secure domestic sources of defense-critical raw materials.
• Advanced Brownfield Assets: Both projects are past-producing operations with existing infrastructure, supportive communities and modern technical momentum. Borralha, one of Western Europe’s largest historical tungsten mines, hosts a compliant NI 43-101 resource and continues to return exceptional high-grade results.
• Pilot Plant Launch in 2026: The Vila Verde project is advancing toward construction of a 150,000-ton-per-annum pilot plant (expandable to 300,000 tpa) targeted for 2026, designed to produce approximately 250 tons of tungsten trioxide (WO₃) annually from tailings and near-surface material, with non-dilutive funding sources under review.
• Offtake and Government Support: Allied has signed a letter of intent (LOI) with Global Tungsten & Powders (USA) for the sale of pilot-plant concentrate and, in 2025, received formal recognition from idD Portugal Defence, designating Borralha as a strategic initiative of national importance, a key endorsement supporting financing and permitting pathways.
• High-impact Exploration Results: Recent drilling at Borralha has confirmed wider and higher-grade mineralization, including intercepts of 12 m @ 4.27 percent WO₃ and 6 m @ 8.39 percent WO₃ (For context: 0.15 percent WO₃ is considered economic). This establishes Borralha as among the highest-grade tungsten projects in the Western world and underpins the upcoming preliminary economic assessment (PEA).
• Differentiated from Peers: As one of the few public companies in the West with near-term tungsten production potential, Allied offers leveraged exposure to a critical mineral experiencing strong price appreciation (~US$780/metric tonne unit, up over 100 percent in 2025) supported by geopolitical demand for secure supply.

Key Projects

Borralha Tungsten Project

The Borralha project is Allied’s flagship development-stage asset, located approximately 100 km northeast of Porto in northern Portugal. With a rich production history dating back to 1904, Borralha produced more than 10,000 tonnes of wolframite concentrate at an average grade of 65 percent WO₃ until operations ceased in 1986.

Today, the project is advancing rapidly under Allied’s 100 percent ownership and is supported by a mining rights concession license and an updated NI 43-101 technical report effective November 19, 2025. The current estimate defines:

The primary zone of interest, the Santa Helena Breccia (SHB), is a sub-vertical to sub-horizontal breccia-pipe style tungsten system. Historical and current drilling confirm broad, continuous mineralization with highlight intercepts including 12 m @ 4.27 percent WO₃ (incl. 6 m @ 8.39 percent WO₃), 10 m @ 1.11 percent WO₃ (incl. 6 m @ 1.78 percent WO₃), and multiple wide zones grading approximately 0.2 to 0.4 percent WO₃.

Geologically, Borralha is hosted in metasedimentary rocks intruded by late-Variscan granites, with mineralization dominated by coarse-grained wolframite associated with quartz-cassiterite veins and breccia infill. Future mining is expected to employ breccia-pipe, open-pit style methods, benefiting from shallow mineralization, established roads, power and a local workforce.

The project is advancing through the environmental impact assessment process with Portuguese regulators, and its mining license allows bulk sampling of up to 150,000 tpa, while full-scale feasibility work proceeds. In 2025, Borralha was formally recognized by idD Portugal Defence as a strategic initiative of national importance, reinforcing Allied’s alignment with Portugal’s and the EU’s defense-industrial base and critical-raw-materials strategy.

Vila Verde Tungsten-Tin Project

Located approximately 45 km southeast of Borralha, the Vila Verde project is Allied’s near-term production and cash-flow opportunity. Historically, the district hosted the Vale das Gatas mine, one of Portugal’s largest tungsten producers prior to its closure in 1986.

The project covers a larger area than Borralha and includes several mineralized zones, notably Cumieira and Porqueira. A 2020 historical resource estimated 7.3 Mt above 0.05 percent WO₃, including 4 Mt @ 0.14 percent WO₃ (Cumieira) and 3.3 Mt @ 0.10 percent WO₃ (Porqueira). While historical in nature, these data define a broad 2.1 km × 1 km mineralized footprint that provides strong potential for resource verification and expansion.

Vila Verde is advancing toward construction of a 150,000-tpa pilot plant, expandable to 300,000 tpa, targeted for construction and commissioning in 2026. The initial feed will come from alluvial and tailings material within the Justes deposit, expected to average about 0.21 percent WO₃. Engineering studies by GMR Consultores and MinePro Solutions indicate a design capacity producing approximately 250 tonnes WO₃ per year, with total CAPEX estimated at ~C$7.9 million (+C$2.9 million for expansion), both targeted for non-dilutive financing.

Permitting is progressing smoothly through conversion from an exploration to an experimental mining license, which allows early-stage production ahead of full-scale approval.

With existing quarry infrastructure, strong local support and a clear permitting pathway, Vila Verde provides Allied with a low-cost, fast-track route to production and a scalable platform for growth within Europe’s tungsten industry.

Management Team

Roy Bonnell – CEO and Director

Roy Bonnell is a seasoned executive with over 30 years in capital markets, venture finance and natural resources. Bonnell holds an LLB from Western University, an MSc from the London School of Economics, and an MBA from McGill University. He brings deep leadership and financing experience and previously served as a board member for Founders Metals and Thesis Gold – two of the TSXV’s top performers.

João Barros – President and COO

With over 20 years of mining sector experience in Portugal, João Barros specializes in exploration management, environmental impact assessments and feasibility studies. He has held leadership roles at Ascendant Resources and Redcorp, and is a member of the Portuguese Engineers Association.

Sean O’Neill – Non-executive Chairman

Sean O’Neill is head of securities at Boughton Law with 20+ years in corporate and securities law, including advising mining firms globally. He holds degrees in Chemical Engineering and Law, an MBA, and is a registered professional engineer.

Vítor Arezes – Vice President, Exploration

Vítor Arezes is a senior geologist and exploration executive with over 14 years of experience leading discovery-to-feasibility programs across tungsten, lithium and polymetallic systems in Iberia. He is a member of the Institute of Materials, Minerals and Mining and is accredited as a “qualified for minerals reporting” professional. His technical focus includes geological modeling, geostatistics, resource estimation and QA/QC program management.

Michael Galego – Director

Michael Galego is the CEO of Apolo Capital Advisory and CLO of LNG Energy, with extensive experience in M&A and corporate strategy. Notably, he advised on the sale of Woulfe Mining (tungsten asset) to Almonty Industries. He is a Lexpert Top 40 Under 40 awardee and member of the TSX Venture Advisory Committee.

Andrew Lee – Director and Corporate Secretary

Former Managing Director of York Harbour Metals, Andrew Lee has 15 years of global exploration experience across gold and phosphate projects in Ecuador and West Africa.

Sean Choi – CFO

A CPA with nearly 20 years in mining finance, Sean Choi has held CFO roles at York Harbour Metals, Ecuador Gold & Copper, and Northern Sun Mining. He holds a degree from the Western University.